Swipe Pay is preparing for a mobile virtual wallet

Swipe Pay, a UK startup, has now launched an app that people can use to store their credit and debit card details.

After buying something the user can open the Swipe Pay app and choose the payment option from a scrolling menu.

After the selection is done a QR code is generated and once this code is scanned the payment is processed. The plan is to make this service available for person to person transfers, in-store payments, online payments and even ATM withdrawals.

Swipe Pay is adding final touches to the app that will be released for consumers and merchants in the US and UK.

Just because this app is contactless doesn’t mean that one can do anything with it. There is sophisticated technology built into it that makes it even more secure than the magnetic strips of credit cards. Stealing a customer’s payment information when they use this app is virtually impossible.